证券研究报告 | 2026年02月09日 中国东方教育（00667.HK） 优于大市 模式升级固本培元，职教龙头弄潮服务消费新风口 深耕职教近四十年，多品牌构筑技能培训版图。中国东方教育是国内领先的 职业技能教育集团，旗下布局新东方烹饪、新华电脑、万通汽修等知名品牌。 2019 年在港股上市。公司覆盖烹饪技术、西点西餐、信息及互联网技术、汽 车服务四大成熟专业，并积极布局美业、宠物、康养等新兴专业。 技能培训行业：职教万亿扩容，中职调整寻机。我国职业教育行业处于万亿 扩容黄金期，受政策持续加码与产业需求拉动双轮驱动，2025-2029 年预计 维持 17%复合增速，2029 年市场规模有望突破 2 万亿元。此前中职赛道经历 数年调整，2010-2024 年在高中招生占比从 51%下滑至 34%，但考虑中级技能 人才产业刚需、部分普高适配度较低学生回流，后续普高比有望寻找新平衡。 成熟专业：疫后盈利能力率先修复，收入后提速打开利润增长空间。2024 年以来公司积极调整，关停并转低效校区、推进五省职教产业园建设、升级 课程结构，带动 2025H1 公司经调净利率 19.0%/+5.0pct；预计伴随更多职教 园区 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中國東方教育控股有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00667 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.0001 | HKD | | 380,000 | 本月底法定/註冊股本總額： HKD 380,000 FF301 第 1 ...

智通财经APP讯，中国东方教育(00667)发布公告，于2026年1月28日(交易时段结束后)，本公司与吴俊 保先生、吴伟先生及肖国庆先生各自订立贷款框架协议，据此，本公司同意透过其指定中国贷款附属公 司向吴俊保先生、吴伟先生及肖国庆先生各自指定的中国收款公司提供每日最高结余(不包括应计利息) 为人民币8000万元的人民币循环贷款融资，于有效期限内年利率为6%。 ...

格隆汇1月28日丨中国东方教育(00667.HK)发布公告，2026年1月28日，公司与吴俊保先生、吴伟先生及 肖国庆先生各自订立贷款框架协议，据此，公司同意透过其指定中国贷款附属公司向吴俊保先生、吴伟 先生及肖国庆先生各自指定的中国收款公司提供每日最高结余（不包括应计利息）为人民币8000万元的 人民币循环贷款融资，于有效期限内年利率为6%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：667) 持續關連交易 提供財務資助 於2026年1月28日（交易時段結束後），本公司與吳俊保先生、吳偉先生及肖國慶先生各自訂立貸 款框架協議，據此，本公司同意透過其指定中國貸款附屬公司向吳俊保先生、吳偉先生及肖國慶 先生各自指定之中國收款公司提供每日最高結餘（不包括應計利息）為人民幣80百萬元之人民幣循 環貸款融資，於有效期限內年利率為6%。 上市規則涵義 於本公告日期，吳俊保先生為本公司非執行董事及控股股東，吳偉先生為本公司執行董事及主要 股東以及肖國慶先生為本公司執行董事及主要股東。根據上市規則，彼等均為本公司的關連人 士。因此，根據上市規則第14A.26條，貸款框架協議及其項下擬進行的交易構成本公司的持續關 連交易。 由於根據貸款框架協議作出的循環貸款融資之每日最高結餘總額（包括估計最高應計利息）的最高 適用百分比率（定義見上市規則）（盈利比率除外） ...

Investment Rating - The report maintains a "Positive" outlook on the overseas pharmaceutical sector, highlighting significant developments and collaborations in the industry [1]. Core Insights - The collaboration between Insilico Medicine and Heng Tai Biologics to develop an innovative brain-penetrating NLRP3 inhibitor is a key highlight, with potential applications in treating central nervous system diseases [2][7]. - The approval of full circulation for Fuhong Hanlin's H shares is noted, which involves a significant number of shares and stakeholders [2][7]. - The report emphasizes the strong revenue growth projections for companies like MicroPort Robotics and King’s Ray Biotech, with expected revenue increases of approximately 110%-120% year-on-year for 2025 [6][10]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biologics have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with a 50% global rights share and potential milestone payments exceeding HKD 500 million [2][7]. - Fuhong Hanlin's H shares have received approval for full circulation, involving 182,645,856 shares, which represents about 33.61% of the company's total issued shares [2][7]. 2. Company Performance Updates - MicroPort Robotics anticipates a revenue increase of 110%-120% for 2025, with adjusted net losses expected to narrow by over 50% [6][10]. - King’s Ray Biotech's joint venture, Legend Biotech, is projected to generate approximately USD 555 million in trade sales for the quarter ending December 31, 2025 [6][10]. 3. Recent Developments in Overseas Pharmaceutical Companies - GSK has reached an agreement to acquire RAPT Therapeutics for approximately USD 2.2 billion, focusing on a long-acting IgE monoclonal antibody currently in clinical trials [3][8]. - Corvus has reported positive results from a Phase I trial of its ITK inhibitor for moderate to severe atopic dermatitis, showing good safety and efficacy [3][9]. - Eli Lilly's FRα ADC has received breakthrough therapy designation from the FDA for treating platinum-resistant ovarian cancer [3][9]. 4. Recommendations - The report suggests monitoring innovative drug companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and Fuhong Hanlin [13]. - It also highlights the importance of ongoing clinical progress in innovative pipelines for pharmaceutical companies transitioning towards innovation [13].

Core Viewpoint - The restaurant industry is leading the consumption recovery, highlighting the contradiction of "difficulty in hiring for companies and employment challenges for graduates," which stems from a structural disconnect between the service industry's scale, standardization, digital upgrades, and traditional talent cultivation models [1] Group 1: Industry Challenges - The service industry's rapid growth contrasts with the slow supply of skilled talent, making it crucial to address this issue for high-quality development in the sector [1] - The core of service consumption is experience, which directly depends on the skills and quality of the workforce, necessitating a shift towards high-quality, specialized, and innovative talent in the restaurant industry [1] Group 2: Educational Initiatives - To tackle structural challenges in talent supply, deepening industry-education integration and establishing a collaborative ecosystem between schools and enterprises is essential [2] - China Oriental Education's New Oriental Culinary Education has launched the "Industry-Education Integration Community" and the "Thousand Enterprises, Ten Thousand Positions Talent Program," aiming to systematically cultivate high-quality skilled talent aligned with industry needs [2] Group 3: Talent Development Model - New Oriental Culinary Education has developed a "Three-Dimensional Quality Model" focused on high career starting points, high retention rates, and high promotion potential to ensure quality employment [4] - This model addresses the talent supply-side shortcomings by collaborating with leading industry companies to integrate job skills and standards into the educational process, significantly reducing the adaptation period for graduates [6] Group 4: Economic Impact - The "Thousand Enterprises, Ten Thousand Positions" initiative is expected to create thousands of quality job opportunities annually, providing valuable "talent certainty" amid economic and employment uncertainties [8] - This approach reflects a shift in China's vocational education from mere expansion to a focus on quality and ecosystem building, leveraging 38 years of experience in vocational education [8]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

Core Insights - The company, established in 1988, is the largest vocational education provider in China, focusing on five main areas: culinary arts, pastry and western cuisine, information and internet technology, automotive services, and fashion beauty [1] - From 2015 to 2019, the company experienced a revenue growth trend with a CAGR of 20.89%, primarily driven by the number of training participants; however, revenue growth slowed from 2020 to 2022 due to external factors such as restrictions on in-person classes and the diversion of students to general high schools [1] - In 2024, the company has resumed revenue growth, with revenues of 4.116 billion and 2.186 billion yuan for 2024 and the first half of 2025, respectively, reflecting year-on-year increases of 3.5% and 10.2%; net profits for the same periods were 513 million and 403 million yuan, showing significant year-on-year growth of 88.0% and 48.4% [1] Industry Trends - The employment market is experiencing structural differentiation, with a growing demand for vocational education as the number of general high school graduates continues to rise, leading to increased competition for jobs among the youth [1] - The youth unemployment rate (ages 16-24) is significantly higher than other age groups, necessitating vocational training to enhance employability and further stimulate demand for vocational education [1] Strategic Developments - The company has been actively enhancing its educational offerings and adapting to changes in policy, focusing on improving the quality of education and increasing enrollment in vocational programs [2] - The introduction of a 15-month curriculum and successful enrollment in beauty programs have shown promising results, indicating potential for future growth [2] - The company is implementing a regional center strategy to create additional revenue streams and effectively integrate different brands, which is expected to enhance profitability [2] Financial Projections - The company is projected to achieve revenues of 4.552 billion, 5.067 billion, and 5.643 billion yuan from 2025 to 2027, with year-on-year growth rates of 10.6%, 11.3%, and 11.4% respectively; net profits are expected to reach 789 million, 984 million, and 1.192 billion yuan, with growth rates of 53.9%, 24.7%, and 21.2% [2] - The current price-to-earnings (PE) ratios are forecasted to be 16.5, 13.2, and 10.9 for the years 2025 to 2027, with a target price of 10.05 HKD, indicating a potential upside of approximately 51.3% based on a 20x PE for 2026 [2]

Investment Rating - The report gives a "Buy" rating for China Oriental Education with a target price of HKD 10.05, indicating a potential upside of 51.3% from the current price of HKD 6.64 [3][6]. Core Insights - China Oriental Education, established in 1988, is the largest vocational skills education provider in China, focusing on five main areas: culinary arts, Western pastry and cuisine, information and internet technology, automotive services, and fashion beauty [4][15]. - The company has shown a compound annual growth rate (CAGR) of 20.89% in revenue from 2015 to 2019, driven primarily by the number of training participants. However, revenue growth slowed from 2020 to 2022 due to external factors such as restrictions on in-person classes and competition from general high school policies [4][27]. - The company has adapted its business strategy in response to changing market conditions, leading to a recovery in performance starting in 2024, with revenue and net profit showing significant year-on-year growth [4][6]. Company Overview - China Oriental Education operates under several brands, including New Oriental Culinary Education, Xinhua Computer, and Wan Tong Automotive, among others. As of June 2025, the company has 234 schools across various provinces and regions [15][17]. - The company’s revenue for the first half of 2025 was HKD 21.9 billion, representing a year-on-year increase of 10.2%, with net profit reaching HKD 4.0 billion, up 48.4% [4][44]. Industry Analysis - The vocational education market in China is projected to grow significantly, with the total market size expected to increase from RMB 516.7 billion in 2016 to RMB 1.1 trillion by 2026, reflecting a CAGR of 7.8% [74]. - The demand for vocational education remains strong despite the increasing number of general high school graduates, as many young individuals face higher unemployment rates and seek vocational training to enhance their employability [67][68]. - The report highlights a shift in the education landscape, where institutions with strong teaching capabilities and research strengths are better positioned to capture market share amid increasing competition [61][62].